Code applies at all times to members' conduct in their work as actuaries. It will also be taken into consideration where their conduct in other contexts could reasonably be considered to reflect on the profession. The Code will be taken into account if a member's conduct is called into question for the purposes of the Institute and Faculty of Actuaries' Disciplinary Scheme.
Code applies at all times to members' conduct in their work as actuaries. It will also be taken into consideration where their conduct in other contexts could reasonably be considered to reflect on the profession. The Code will be taken into account if a member's conduct is called into question for the purposes of the Institute and Faculty of Actuaries' Disciplinary Scheme.
Code applies at all times to members' conduct in their work as actuaries. It will also be taken into consideration where their conduct in other contexts could reasonably be considered to reflect on the profession. The Code will be taken into account if a member's conduct is called into question for the purposes of the Institute and Faculty of Actuaries' Disciplinary Scheme.
INSTITUTE AND FACULTY OF ACTUARIES THE ACTUARIES CODE
Application The Code applies to all members of the Institute and Faculty of Actuaries. Scope The Code applies at all times to members conduct in their work as actuaries, but will also be taken into consideration where their conduct in other contexts could reasonably be considered to reflect on the profession. Status and Purpose The Code consists of principles which members are expected to observe in the public interest and in order to build and promote confidence in the work of actuaries and in the actuarial profession. The Code will be taken into account if a members conduct is called into question for the purposes of the Institute and Faculty of Actuaries Disciplinary Scheme.
THE PRINCIPLES
1. Integrity: Members will act honestly and with the highest standards of integrity. 1.1 Members will show respect for others in the way they conduct themselves in their professional lives. 1.2 Members will respect confidentiality unless disclosure is required by law, or is permitted by law and justified in the public interest. 1.3 Members will be honest, open and truthful in promoting their business services.
2. Competence and Care: Members will perform their professional duties competently and with care. 2.1 Members will consider who their advice and/or services are being provided to (their clients). In many cases this may be their employer. 2.2 Members will not act unless: a) they have an appropriate level of relevant knowledge and skill; or b) they are acting on the advice of an individual who has the appropriate level of relevant knowledge and skill and all interested parties are aware that this is the case; or c) they are acting under the direct supervision of another member who is taking professional responsibility for that work. 2.3 Members will consider whether advice from other professionals and other specialists is necessary to assure the relevance and quality of their work. 3
2.4 Members will take care that the advice or services they deliver are appropriate to the instructions and needs of the client, including the legal and other rules which may govern the matter, having due regard to others, such as policyholders of an insurer, members of a pension scheme, or any analogous persons whose interests are affected by the work of the member. 2.5 Members will agree with the client the scope and nature of any appointment or instruction. 2.6 Members will agree with the client the basis for their remuneration before commencing an appointment or instruction and before any material change in the scope of an existing appointment or instruction. 2.7 Members will keep their competence up to date.
3. Impartiality: Members will not allow bias, conflict of interest, or the undue influence of others to override their professional judgement. 3.1 Members will ensure that their ability to provide objective advice to their clients is not, and cannot reasonably be seen to be, compromised. 3.2 A conflict of interests arises if a members duty to act in the best interests of any client conflicts with: a) the members own interests, or b) an interest of the members firm, or c) the interests of other clients. 3.3 Members will take reasonable steps to ensure that they are aware of any relevant interest, including income, of their firm. 3.4 Unless they decide not to act, members will disclose in writing to their client any steps they have taken, or propose to take, to reconcile any actual or reasonably foreseeable conflict of interest. 3.5 Members will not act where there is a conflict of interest that has not been reconciled. 3.6 Before accepting any assignment, members will consider carefully whether they should consult with any member who previously held such a position with the client, to establish whether there might be any professional reason why the assignment should be declined.
4. Compliance: Members will comply with all relevant legal, regulatory and professional requirements, take reasonable steps to ensure they are not placed in a position where they are unable to comply, and will challenge non-compliance by others. 4.1 Members will speak up to their clients or to their employers, or both, if they believe, or have reasonable cause to believe, that a course of action is unlawful, unethical or improper. 4.2 Members will fulfil any obligations to report information to relevant regulatory authorities. 4
4.3 Where there is legal protection available, members will report behaviour that they have reasonable cause to believe is unlawful, unethical or improper, to regulators or other relevant authorities. In the UK such protection includes: the Public Interest Disclosure Act 1998, sections 342 and 343 of the Financial Services and Markets Act 2000 and section 70 of the Pensions Act 2004. 4.4 Members will promptly report any matter for consideration under the Institute and Faculty of Actuaries Disciplinary Scheme which appears to constitute misconduct or a material breach of any relevant legal, regulatory or professional requirements including Actuarial Profession Standards and Technical Actuarial Standards issued by the Financial Reporting Council. To the extent that the consent of a third party is required for this purpose in order to disclose information, members must take all reasonable steps to obtain such consent.
5. Communication: Members will communicate effectively and meet all applicable reporting standards. 5.1 Members will ensure that their communication, whether written or oral, is clear (indicating how any further explanation can be obtained) and timely, and that their method of communication is appropriate, having regard to: a) the intended audience; b) the purpose of the communication; c) the significance of the communication to its intended audience; and d) the capacity in which the member is acting. 5.2 Members will, in communicating their professional findings, show clearly that they take responsibility for them. 5.3 Members will take such steps as are sufficient and available to them to ensure that any communication with which they are associated is accurate and not misleading, and contains sufficient information to enable its subject matter to be put in proper context.